Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,510 |
| 1 Bedroom | $1,700 |
| 2 Bedrooms | $1,950 |
| 3 Bedrooms | $2,370 |
| 4 Bedrooms | $2,990 |
| 5 Bedrooms | $3,468 |
| 6 Bedrooms | $3,884 |
| 7 Bedrooms | $4,195 |
| 8 Bedrooms | $4,405 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,370 | $502,269 | 0.47% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 07514 in fiscal year 2024 is set at $1590. This figure represents the payment standard set by the U.S. Department of Housing and Urban Development (HUD) for Section 8 housing vouchers in your area. It is important to note that this is not the amount you will receive as rent; rather, it is the maximum amount HUD will pay on behalf of a tenant. Landlords can charge up to this amount, but any rent above $1590 must be paid by the tenant directly.
To put this into perspective, the average rent for a two-bedroom apartment in ZIP 07514, according to the Census American Community Survey (ACS), is $1,495. This means that the FMR slightly exceeds the local average, providing a reasonable rate for landlords participating in the Section 8 program. However, the actual rent you can charge might be less if the tenant's portion of the rent does not cover the difference between the local average and the FMR.
ZIP 07514 has a significant rental market, with 65.1% of residents being renters. This high percentage indicates strong demand for rental properties, including those that accept Section 8 vouchers. As a landlord, this suggests a good pool of potential tenants who may benefit from the voucher program.
In terms of property acquisition, the median home value in ZIP 07514 is approximately $531,071. This figure can help you gauge the investment required to purchase a property suitable for Section 8 tenants. While this is the median, individual property values can vary widely depending on condition, location, and other factors.
Before deciding to participate in the Section 8 program, it is crucial to verify the physical condition of the property you plan to rent out. The property must meet the Housing Quality Standards (HQS) to ensure it is safe and habitable for tenants. This verification process is essential because failing to comply with HQS can result in penalties or removal from the program.
In summary, the FMR of $1590 provides a benchmark for rental rates in ZIP 07514, ensuring that landlords are compensated fairly while still making housing affordable for low-income families. With a robust rental market and median home values around $531,071, the opportunity to invest in a Section 8 rental property is viable. However, landlords must ensure their properties meet the necessary standards to avoid complications.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.